THINKING ALOUD: The slowdown scenario seems to be over, companies are again back on expansion and hiring. How do you look at this situation?
E BALAJI: Yes! Dark clouds of slowdown are receding away. Companies are hiring again. As per the last quarter results of Ma Foi Randstad Employment Trends Survey, India will generate about a million new jobs in the organized sector. Further, the study reveals that during the period of January-March, there was addition of about 147,000 jobs while the quarter of April-June, it is estimated to be creating about 350,000 new jobs. We see a sense of optimism across almost all the sectors. The performance of the economy during January to March 2010 has provided the necessary impetus to growth for all the sectors. As a consequence, employment generation is on card for every sector, though in varying degree.
However, the recruitment is being done in a more planned manner than what has been the trend earlier and is spread across the entire year rather than aggressive recruitment at one point of time. Organizations are looking for candidates who match well with their culture, competencies required for performing the job and future potential. Hence, recruitment cycle has become a bit longer than the normal that the industry has been traditionally used to experience. Recruitment managers and service providers are witnessing a lot more rejection than they budgeted for. Compensation offered for a lateral hire is no more as aggressive as they used to be a couple of years ago. Organizations have been trying their best to retain their employees harder than what they did in the slowdown. On the whole, recruitment efforts have become a lot more to ensure that the closest possible job-match is on-boarded at an appropriate compensation. We feel that many organizations are rightly applying caution in hiring.
TA: In the hiring industry, digital medium has shown great impact. In what all ways is the digital medium being used by HR managers?
EB: Digital medium is being used consistently by HR managers for the last few years. However, the mix of channels being used is getting a bit more tilted towards digital media, especially due to the advent of networking sites.
TA: How does MaFoi looks at Digital medium, especially with regards to hiring processes?
EB: We have presence in digital media in many forms – right from our website to various social media. This helps us communicate with the potential candidates better and build employer brand stronger.
TA: From the perspective of career growth, what prospects, do you foresee, for a professional in the digital space?
EB: This space is growing at a fast pace. Hence, it is quite an exciting time for the professionals in this domain to learn and innovate. This is the time to create and deploy innovative solutions that match customer needs; and exceed them. The professionals in this space have an opportunity at hand to deeply listen to their customers; engage with their customers and users intimately to come up with solutions that outsmarts the existing order. While these are interesting times, the speed of change will put obvious stress on the employees and their employers as well.
TA: How are organizations spending with regards to online placements ads?
EB: This is definitely on the rise. Availability of numerous media is posing challenge to advertisers to decide the most effective media for them.
TA: What innovative role can the digital medium play in talent acquisition?
EB: Building employer brand, holding meaningful conversation with passive yet matching candidates are tw